2 days of indecisive unchanged closes translated into investor buying yesterday. This matched the positive momentum highlighted in yesterday's report.
Net gains were modest but have been continued in Asia to an extent that intraday signals are at overbought extremes.
Nonetheless it is now likely that, temporarily, investors are likely to use setbacks as opportunities and so there is potential for 1.3467 or even 1.3521, last week's top.…Continue
Friday’s strong demand for USDCAD continued yesterday. This 2nd positive daily performance in a row took prices to the most bullish levels traded for 7 months.
Although the highs were not maintained and the market consolidated at overbought extremes, momentum remains positive and it is likely that setbacks will be temporary and limited.
1.0129 and 1.0147 are interim objectives for the market but 1.0164, last July's opening price, is the focus.
A strong up-move yesterday saw losses from last Friday recovered, with the market moving to almost the high of last week. This has seen an improvement in sentiment, and will encourage investors to remain positive. However, the strong recovery has been partly corrected in overnight trading, and whilst below 148.00, some indecision is likely. In light of this signals are positive with scope for 148.00/30 area.…Continue
Last week saw an end to a sequence of 4 positive weekly performances and a complete change in investor sentiment.
The resulting deterioration was the most aggressive for more than 2 years with the preceding week's entire upside reversed- sold at lower levels on each day. This move emphasised the importance of the failure to test a key 76% recovery point and with prices now hugging the lower end of the Keltner channel we look for a bearish trend to develop.
Allowing for initial…Continue